2021 (1) TMI 652

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....to the Application are that the Corporate Debtor M/s. Venus Rolling Mills Private Limited in CP No. 350 of 2019 under Section 10 of the Insolvency and Bankruptcy Code, 2016 (the Code for short) sought initiation of Corporate Insolvency Resolution Process (CIRP) of itself. The Adjudicating Authority by an order dated 22nd April, 2019 admitted the Application and appointed Mr. Devendra Singh as the Interim Resolution Professional (IRP). The IRP made the public announcement on 2nd May, 2019 inviting claims from the creditors on or before 14th May, 2019. He sought Expression of Interest (EOI) by notice dated 21st November, 2019. The last date of submission of EOI was 6th December, 2019. The Applicant is a Consulting Company with the experience ....

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....ds to be extended. The present Application filed on 16th June, 2020 is within the period of CIRP and the Respondent as well as CoC are acting in haste resolving to liquidate the Company rather than give it the chance for Resolution. Besides the Respondent has not yet filed any Application for liquidation under Section 33 of the Code. It will be accordingly appropriate to allow the Application to submit the Resolution Plan which is likely to resolve the insolvency of the Corporate Applicant. The present Applicant accordingly came with the following prayers: i) Extend the Corporate Insolvency Resolution Period by such Period as may be necessary for enabling the Committee of Creditors of M/s. Venus Rolling Mills Private Limited to consider t....

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....orm G dated 21st November, 2019 sought EOI to be submitted by 6th December, 2019. The last date of submission of Resolution Plan was notified to be 30th December, 2019. Admittedly neither the Applicant nor any other Resolution Applicant submitted any EOI or Resolution Plan, as the case may be, by 6th December, 2019 and 30th December, 2019. 6. It is submitted by the Applicant that it came to know about the notice seeking the EOI late and due to the Covid-19 Pandemic it was not in a position to submit either the EOI or the Resolution Plan. According to the time line indicated above, the CIRP period got over by 16th January, 2020 and not on 16th March 2020 as insinuated by the Applicant. No reason whatsoever is assigned by the Applicant, a Co....